Thousands of Certificates Worth $275 Million Minted as NFTs on Avalanche Blockchain
A startup called Blockticity has minted thousands of non-fungible tokens (NFTs) on the Avalanche blockchain to certify the authenticity of products. These products include psychedelic mushrooms, hemp, and kratom, with a combined value of approximately $275 million.
Blockticity partnered with ACS Laboratory, the largest hemp and cannabis lab in the eastern U.S., to create these NFTs. The process involves ACS Laboratory testing the products and issuing a Certificate of Analysis (COA), which is then transformed into an NFT by Blockticity using Avalanche’s C-Chain and represented by a QR code.
The goal of this initiative is to improve the tracking and verification of product authenticity. According to Blockticity, fraud is prevalent in the certification industry, and current methods of tracking goods across supply chains are ineffective. By anchoring COAs to Avalanche’s blockchain, Blockticity aims to provide consistent and verifiable proof.
Expanding Beyond Hemp and Cannabis
While this partnership with ACS Laboratory focuses on hemp and cannabis products, Blockticity plans to expand its NFT certification system to other sectors such as consumer electronics, apparel, agriculture, seafood, and more. Additional projects are expected to launch later this year.
Blockticity’s CEO Mike Coner stated that their primary goal is to leverage web3 technology for product tracking in the global supply chain. They chose Avalanche because it allows for on-chain product authentication while protecting client metadata and offering scalability for the worldwide economy.
Hot Take: Revolutionizing Product Certification with NFTs on Avalanche Blockchain
Blockticity’s collaboration with ACS Laboratory marks an innovative approach to certifying product authenticity using non-fungible tokens. By minting COAs as NFTs on the Avalanche blockchain, Blockticity aims to address the widespread fraud in the certification industry and establish a more efficient and trustworthy system for tracking products across supply chains. With plans to expand into various sectors, Blockticity is at the forefront of revolutionizing product certification through blockchain technology.
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